EURGBP Wave Analysis – 23 April, 2020

• EURGBP reversed from resistance zone
• Likely to fall to 0.8680

EURGBP recently reversed down from the resistance zone lying between the resistance level 0.8850 (which stopped the previous correction (ii) at the start of April) and the 38.2% Fibonacci retracement of the previous downward impulse from March.

The downward reversal from this resistance area stopped the previous short-term impulse sequence (i).

EURGBP is expected to fall further toward the next support level 0.8680 (low of the previous corrective wave (2)).